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Russia: "Magnit" opened seven more 'Моя цена' discount stores

Russian largest store operating retailer Magnit (LSE: MGNT) opened seven more 'Моя цена' (My Price) discount stores. The stores were launched in Kazan (Republic of Tatarstan), Ruzaevka (Republic of Mordovia), Kuznetsk (Penza region), pos. Upper reaches (Oryol region), Nevinnomyssk (Stavropol Territory), Semenov (Nizhny Novgorod region) and Olonets (Republic of Karelia).

The total number of discount store adds to 23 stores. All discounters were opened on the basis of a convenience store. The total area of ​​retail outlets is 150-350 sq. meters. The assortment includes about 1,700 SKUs. The emphasis is on goods of the first price segment and own private label brands (more than 15% of the total range), as well as on products of daily demand in economical packaging. Discounters distinguish from supermarkets by simple zoning of retail space and a basic set of equipment. At the same time, customer service remains at a high level and meets the requirements of a modern store. Recall that the first three stores of the new pilot format appeared in July 2020 in the cities of Samara, Kamyshin, Volgograd Region and the village. Old Kulatka of the Ulyanovsk region. The 'My Price' discount chain aims at price-sensitive consumers who make frequent small purchases of a traditional range of goods or purchase products for future use to stock. Later, stores were opened in Voronezh, Lipetsk, Samara, Krasnodar Territory, Kabardino-Balkaria, Tula, Chelyabinsk and Rostov Regions, as well as in Altai Territory. Magnit will continue to pilot the discounter format and will open several dozen new stores by the end of 2021 in order to study in detail the Russian customer response and make a decision on scaling.

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